“Technology, data, people, you put those three together you can work magic.”
George Karibian, WG’93, serial entrepreneur and founder of PaymentSense
When George Karibian was at Wharton, in the early ‘90s, people came here, in George’s words, “because you wanted to go into banking or consulting. And if you weren’t in one of those two areas you were a loser back then.”
Today, “I love coming back to campus and seeing the number of students, these are some of the brightest people on the planet, put so much energy into entrepreneurship.”
As a member of Penn Wharton Entrepreneurship’s Advisory Board, George was on campus for the Startup Showcase, and he took a few minutes to talk with Karl Ulrich about his fascinating life story, and in particular his takeaways from a tumultuous career as a serial entrepreneur, and currently the Founder and Director of PaymentSense (which George tells us processed about $6 billion of payments in the last year).
We love George, of course, for all he does for entrepreneurship at Wharton and at Penn. But also because he says things like this about us:
“Wharton has helped me out incredibly, much more than I ever imagined. Both the network and what I learned, it stays with you forever, and—and it continues, it doesn’t end there.”
And because, when he and his cofounder had the conversation that led to PaymentSense—at 4 am, in the courtyard of the Venetian Hotel, in Las Vegas—they decided they needed a manifesto (“This was at the time when Lars Von Trier, the film director had come up with this manifesto for films, so manifestos were very much in.”), and here’s the manifesto they came up with:
- “We’re going to use our own money”
- “We’re going to test and pilot everything”
- “Technology is going to be at the core of what we do”
- “We’re going to hire a head of HR as our first hire”
Why that last point? “In the past we’ve always been–the HR person was us. And so people were going to be at the center of everything we do in tech. And we built the perfect company with Paymentsense.” See above: technology, data, people.
Of course, as George also says, “I thought, third time around I know exactly what we need to do, I was wrong.”